- In 2024, 13 countries adjusted their statutory corporate income tax rates, with eight countries increasing rates (e.g., Barbados, Iceland) and five reducing rates (e.g., Austria, Rwanda). The highest corporate tax rates are in Comoros (50%) and the lowest in Turkmenistan (8%), with fifteen jurisdictions imposing no corporate tax.
- Five countries with corporate tax rates below 15% adopted the OECD’s qualified domestic minimum top-up tax (QDMTT) rules, effectively raising their rates to 15% for large corporations. As of 2024, 28 countries have implemented both the income inclusion rule (IIR) and QDMTT, while many others plan to adopt the undertaxed profits rule (UTPR) by the end of 2025.
- The global average statutory corporate tax rate is 23.51%, with regional variations: Asia has the lowest average at 19.74%, and South America the highest at 28.38%. The average rates for EU Member States, OECD countries, and the impact of the global minimum tax show a trend of declining rates overall since 1980.
Source Tax Foundation
